Throughout our system we had increasingly inadequate capital buffers - as both market participants and regulators failed to account for new risks appropriately.

我们整个系统的缓冲资金越来越不足，市场参与者和监管者对新的风险都没有做出恰当的判断。

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At its best, this system represents an efficient andintelligent capital allocation machine, a market ruled by precision andmathematics rather than emotion and fallible judgment.

最理想的情况，计算机系统是了一个高效、智能的资源分配机器，一个被精确化和定量的市场，而不是受到感性和易犯错的判断所影响的市场。

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However, as our stock market still in initial stage, shortages still remain in stock issuing, capital structure and the practice system of the stock market.

但与此同时，我国的股票市场仍然处于初级阶段，在股票发行、股本结构、股市运行机制等方面都存在缺陷。

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It makes more intuitive sense that the capital market system is mostly stable and a small change would not have had such a systemic impact.

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It is already considering the merits of getting a functioning capital market to sit alongside the banking system.

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This partially offsets the mark-to-market drain on regulatory capital and helps hold the financial system together.

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